Péter Medgyessy

Péter Medgyessy (19 October 1942-) was Prime Minister of Hungary from 27 May 2002 to 29 September 2004, succeeding Viktor Orban and preceding Ferenc Gyurcsany. Medgyessy was previously a Hungarian Socialist Workers' Party member who had served as Finance Minister in 1987 and from 1996 to 1998, and he became an independent after the fall of communism.

Biography
Péter Medgyessy was born in Budapest, Hungary on 19 October 1942, and he studied theoretical economics at the Corvinus University of Budapest, graduating in 1966. From 1966 to 1982, he worked in the Finance Ministry and in counterintelligence, and he became Finance Minister under Gyorgy Lazar's government in 1987, succeeding Istvan Hetenyi. He served for just a few months, and Zsigmond Jarai replaced him after he achieved some banking reform. From 1987 to 1990, he was Deputy Prime Minister for Economic Affairs, and he decided to become a political independent rather than join the Hungarian Socialist Party after the end of communism in 1989. From 1990 to 1996, he served as a CEO and Chairman of several Hungarian banks, and the MSZP nominated him as their candidate in the 2002 elections. Medgyessy defeated Fidesz challenger Viktor Orban to become the new Prime Minister, and he provided a 50% wage increase to public employees and improved the welfare system, earning him high approval ratings. In 2003, Medgyessy oversaw Hungary's transition into a European Union member state, but he was forced to resign in 2004 after Fidesz won a large amount of seats in the National Assembly.